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Monaco is known as the richest country in the world. This small country is on the French Riviera. It’s about 4 kilometers long and half a kilometer wide. What makes Monaco special? One-third of the people who live there are millionaires.
For many years, Monaco has been known for its wealth. It has the most expensive homes. You’ll also see fancy yachts and the famous F1 Monaco Grand Prix. Everywhere you look, it feels like you’re in a James Bond movie.
Even though Monaco is small, it’s beautiful. It is the second smallest country in the world, only bigger than the Vatican. Even someone from New York City would find it small. The entire country is smaller than Central Park.
There’s a catch: Monaco is very expensive. Some people stay in France and take a train into Monaco each day.
Monaco feels like a museum for rich people. You’ll see huge yachts with helipads, sports cars, and fancy apartments.
Monaco is a tax haven. There is no capital gains tax or income tax. To become a resident and get these tax benefits, you need to deposit $500,000 into a bank account. You also need to own property. A one-bedroom apartment costs around $5 million. To live in Monaco, you need to be a multi-millionaire.
It can be hard to find people who live in Monaco to talk about their experiences. Monaco only has about 39,000 people. A woman named Fran moved to Monaco from America. She is studying luxury in a 10-month program.
Fran said that Monaco takes care of its people. There are stairs and escalators everywhere to help people get around the mountains. The people are friendly and welcoming.
One great way to see Monaco is to go for a hike. You can start at Cap d’Ail and hike up the mountain. The hike takes about an hour and a half.
The views of the French Riviera are amazing. You’ll see why people want to live there. The hike isn’t too hard, but it’s not easy either. Even if you hike, there may be a way to drive up.
From the top, you can see the entire country of Monaco. It’s only two square kilometers, but it looks magnificent from above. If you’re looking for something to do that doesn’t cost a lot, this hike is a good choice.
After the hike, as you catch your breath on a sun-dappled trail, a local might wander over, balancing a box of warm pizza—crisp crust, melty mozzarella, a drizzle of basil oil. Their smile is easy, no pretense, as they offer a slice.
People in Monaco are genuinely nice; accustomed to millionaires and celebrities, they’ve kept their warmth intact. Wealth is part of the landscape, but it doesn’t overshadow their instinct to connect—whether you’re in hiking boots or a designer jacket, a friendly gesture feels like second nature.
Another free thing to do in Monaco is to visit the public beach. You’ll get great views of the city and the sea. You can also find affordable food. A burger, fries, a drink, and coffee can cost around $22. There’s even a fancy McDonald’s.
Many wealthy figures in Monaco have built fortunes through art, with the principality buzzing as a hub for high-stakes art dealings. Sleek galleries line Monte Carlo’s avenues, hosting shows of Basquiat, Hockney, and rising stars, while auctions draw global collectors.
Contemporary art thrives as an investment here: its scarcity, cultural cachet, and ever-growing demand drive steady appreciation. For Monaco’s elite, it’s more than passion—acquiring, curating, and trading pieces often yields returns that outpace traditional assets, blending luxury with shrewd financial sense.
Monaco wanted to have its own Grand Prix. But there was a problem. The racetrack had to be within the country’s borders. Monaco is small compared to other countries like France and Italy.
Monaco decided to use its own streets for the racetrack. The Monaco Grand Prix became very successful. Today, it attracts rich and famous people from all over the world. They dock their yachts in the harbor to watch the race.
The Prince of Monaco, Albert II, is not just a head of state but a passionate car enthusiast, whose private collection of automobiles is a glittering testament to automotive history and luxury. Spanning decades of design innovation, his fleet includes rare classics, iconic sports cars, and even eco-conscious models—reflecting both his love for speed and his commitment to sustainability. Valued at tens of millions of euros, the collection is a rolling museum of automotive excellence.
Among its gems are vintage masterpieces like a 1955 Mercedes-Benz 300SL Gullwing, with its iconic upward-swinging doors and racing pedigree, and a 1961 Ferrari 250 GT California Spider—one of only 55 ever made, once owned by Hollywood legend James Dean. These cars aren’t just machines; they’re artifacts, each with a story: the Ferrari, for instance, was restored to its original red hue by Prince Albert himself, a nod to Monaco’s racing heritage (the principality is home to the legendary Monaco Grand Prix).
The collection also includes modern marvels: a sleek Bugatti Veyron, capable of 253 mph, and a custom Rolls-Royce Phantom adorned with Monaco’s coat of arms, fit for royal processions. Notably, Prince Albert has added electric and hybrid models in recent years—like a Tesla Roadster and a Porsche Taycan—aligning his passion with his advocacy for environmental conservation.
For car lovers, the good news is that much of this collection is on public display at the Monaco Top Cars Collection, a museum nestled in the heart of Monte Carlo. Housed in a historic building near the Prince’s Palace, the museum showcases over 100 vehicles from the prince’s archive, arranged chronologically to tell the story of automotive evolution. Visitors can get up close to the 1930s Alfa Romeo 8C 2300, a winner of the Mille Miglia race, or admire the futuristic lines of a 1990s Lamborghini Diablo.
What makes the collection truly special is its personal touch: many cars bear traces of the prince’s use, from the scuffed leather seats of a vintage Jaguar E-Type (a favorite for casual drives) to the custom license plates emblazoned with “ALBERT.” It’s a window into both his tastes and Monaco’s identity—where opulence, speed, and tradition collide.
Whether you’re a petrolhead or a casual admirer, a visit to the museum offers more than just cars; it’s a journey through time, where each vehicle whispers tales of royalty, racing, and the relentless pursuit of automotive perfection.
Monaco’s wealth started with the Monte Carlo Casino. In 1861, France and Monaco made an agreement. Monaco became its own country, but France took away Monaco’s citrus farms. This made Monaco poor.
Monaco needed to find new ways to make money. Casinos were illegal in most of Europe. So, Monaco opened the Monte Carlo Casino. The casino was very successful. In 1869, Monaco stopped charging income tax. They made all their money from the casino.
The casino attracted many rich people to Monaco. The Monte Carlo Casino is still there today. It has been in famous movies, such as James Bond’s Casino Royale.
Monaco is the richest country on Earth. The Grimaldi family and the Monte Carlo Casino helped to create this wealth. The country’s decision to get rid of income tax attracted many rich people. Monaco is beautiful and unique, even though it is expensive. Whether you stay in Monaco or take a train from France, there is a lot to see.
Have you considered visiting Monaco?
Monaco country profile – BBC News
Top celebrities to spot in Monaco
The Best Restaurants in Monaco
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Aveline Lux is a visionary writer and digital storyteller, using her blog on CitiWell Shop as a platform to explore the intersection of creativity, commerce, and culture.
Traveling extensively across continents, Aveline draws inspiration from different cultures and global trends, infusing her articles with unique perspectives and practical insights.
Aveline enjoys photography, hiking through nature trails, and curating playlists that fuel her creative process.
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